TfL borrows £1bn from EIB to finance Crossrail

Artist impression: Whitechapel station ticket hallThe European Investment Bank has agreed to provide a £1bn loan to Transport for London to help the capital’s transport authority fund its share of the Crossrail project.

Simon Brooks, the EIB’s Vice-President, said the bank was “delighted” to agree the loan.

Welcoming the loan, London Mayor Boris Johnson commented: “Our good friends at the EIB have provided us with a billion more reasons to proceed with the unstoppable force that is Crossrail. It is one of the largest loans ever secured for a transport project and I am especially pleased to have this backing for our drive to provide London with the facilities required to keep the capital one of the world’s leading cities.”

Crossrail services are expected to start in 2017 with journey times between Canary Wharf and Heathrow claimed to be just 44 minutes.

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